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JUST IN: CBN increases lending rate to 13% to rein in rising inflation

 

Abdulwahab Isa, Abuja

To tame aggressive acceleration in inflation and prices, Central Bank of Nigeria on Tuesday raised its lending rate, Monetary Policy Rate (MPR) to 13.5 per cent – the first time  in two and half years.

The decision will in addition mop up liquidity ahead of the 2023 general elections.

CBN Governor, Mr Godwin Emefiele announced the decision to reporters at end of the Monetary Policy Committee Meeting ( MPC) Tuesday.

The last time the MPC raised thw MPR rate was September 2020 when it was 12.5 per cent. The MPR is the benchmark lending rate through which the CBN lends to banks.

 

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